Moroccan business owners 'optimistic' about the future, finds new study

Over half of Moroccan business owners are optimistic for the future, according to a new study from temporary work and employment company, Tectra.

According to the report issued this week, 52% of the country’s employers and business owners are “highly confident” in their companies, and expect positive turnout despite current economic bottlenecks.

Following the reopening of the country’s borders as well as the removal of the majority of sanitary restrictions, business leaders are now convinced that they can see a light at end of the tunnel.

The reporter, surveying the morale of business leaders in the Kingdom, the gathered responses from 140 business leaders with more than 20 employees from February 1 to March 28, 2022, w, revealed that Moroccan businesses have been able to adapt their organizations to changes imposed by the health crisis, without fully and significantly breaking with the pre-pandemic world.

However, the results of its study indicate that economic recovery is moderately slow.

On the one hand, 94% of executives believe that the economic recovery will return to its previous pace of growth after a year or more.

On the other hand, 63% of executives believe that the recovery will be very gradual and slow for several months, while 31% say that the recovery will be a mix of recovery and slowdown.

The barometer identifies some important factors to consider for the recovery, which include customer confidence, cash flow, team motivation and commitment, and the adoption of an appropriate internal organization fit for the new economic reality of the country.

The study additionally shows that 50% of executives believe that the health crisis is both an opportunity and a threat.

In detail, 31.6% find that the COVID-19 health crisis has enabled them to change their management methods for the better, optimizing activity, and 26.3% believe that it has enabled them to capitalize on new customers and develop their loyalty and retention strategy.

Among the surveyed companies, 15.8% believe that this crisis has enabled them to accelerate their projects or create new ones and expand to other business, investment, and strategic endeavors.

In terms of start-up development, 36.8% of business owners considered that they achieved a 10% increase compared to the previous year, while 21.1% believe they achieved a growth similar to the previous year.

The study also revealed that competition is the main factor inhibiting business growth for 52% of business owners, followed by high costs and prices (26%), special regulatory laws (21%), and recruitment difficulties (16%).

With regard to the development of human resources, 47% of Moroccan business owners expressed their desire to retain their workers, while 42% wish to resort to the services of temporary work companies, and 42% aim to increase the number of workers.